KARACHI - Stocks closed bullish with investors’ interest in stocks across the board after Pakistan Current Account surplus stood at $432 million for first quarter of the fiscal year.
At local equity market, the benchmark KSE 100 share index went up 113.56 points or 0.72 percent to stop the day at 15,792.75 as compare to 15,679.19 points of the previous day.
Experts said speculations ahead of major earning announcements due next week and lower leverage cost played a catalyst role in bullish sentiments at KSE despite concerns for higher fiscal deficit and circular debt issues in energy sector. Renewed foreign interest, stronger earning announcements led to accumulations in oversold stocks in oil, cement, banking and textile sector, he added.
KSE all-shares index gained 70.41 points or 0.64 percent to finish the day at 11,092.89 points, KSE 30-share index up by 77.66 points or 0.60 percent to end the day at 12,947.33 points. KMI 30-share index grew by 196.65 points or 0.71 percent to close the day at 27,792.12 points.
Trading took place in 321 companies where gainers held a strong lead over losers 188 to 109, while the value of 24 companies remained intact. Unilever Pak was the greatest price gainer of the day up by Rs 299.99 to end at Rs 10,000, while the top loser of the day was led by Nestle Pakistan Limited down by Rs 78.70 to Rs 5,000.
Market traded Rs 18.882 million shares after opening at Rs.14.546 million shares and the value of traded shares climbed to Rs.5.394 Billions after opening at Rs 4.048 billions. Stock market capitalisation settled at Rs 3.945 trillions as compared to Rs3.922 trillions of a day earlier.
Fuaji cement was the volume leader of the day with 25.054 millions shares as it closed at Rs 6.76 after opening at Rs 6.34. Jah. Sidd. Co. was on the second position with 19.463 million shares. It was followed by Azgard nine as it closed at Rs 6.73 as compared to Rs 6.16, Askari Bank closed at Rs 16.51 after opening at Rs 15.52 and Fauji Fert Bln closed at Rs 39.20 after opening at Rs 38.60.
In a weekly review dealers said with free float index commencing from Oct 15 the overall volatility declined due to new weight ages. While investors also remained concerned on the charges levied by National Clearing on gain tax calculation hence volumes declined by 15pc to Rs 3.6b. With result season in full swing and support from foreign fund managers with a net buy of $4.5m (Oct 15-Oct 18) market gained 98 points. Amid pre-result buying in cement and textile sector kept it in the limelight as investors hoping healthy quarterly results. While ATRL gained around 13pc on WoW basis after unexpected earnings announcement for the quarter while the sister concerns POL and NRL earnings fell on expectations.
After concerned by few parliamentarians regarding the recent increase in the tariff and by posting a quarterly loss due to employee separation scheme PTC witnessed healthy activity. Going forward futures roll over and a short week would keep market in a range bound mood with result backed activities would be seen.